Daily Market Analysis – Opportunity to Join Trend or Is Market Changing Direction?

02/07/2013

There are several financial instruments that this could apply to -  among those are the EURUSD, EURJPY, GBPUSD and Gold.   Thus far today,  employment data coming out of the US has spurred demand for the USD – this accounts for the recent weakness in currencies such as the GBPUSD and the EURUSD. Furthermore, the ECB Press Conference didn’t do anything to strengthen the Euro relative to other currencies. 

Later today at 18:50 we’ll see how the JPY reacts to the Japanese Adjusted Current Account index data that if higher than expected would be bullish for the currency. For those interested in a more in depth analysis, we at CM trading are here to assist those who are interested in profiting from the financial markets. Below are the charts to better understand the current short term trends in some of the different markets

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EURUSD 

So far today, the pair has taken quite a bit currently trading at 1.3383. On the downside, targets to be aware of are 1.3351 followed by 1.3310. If the pair breaks higher, 1.3445 is the first target followed by 1.3475.

Resistance	R1: 1.3445	R2: 1.3475	R3: 1.3513
Support	S1: 1.3351	S2: 1.3310	S3: 1.3270

EURJPY

Its currently trading at 1.2527, over 240 pips lower than yesterday’s 1.2770 high. Targets on the downside are at 1.2450 and 1.2403.  On the upside its first target is 1.2570 followed by 1.2603.

Resistance	R1: 1.2570	R2: 1.2603	R3: 1.2667
Support	S1: 1.2450	S2: 1.2403	S3: 1.2312

GBPUSD

The GBPUSD is currently trading at 1.5702. Current targets on the upside are 1.5765 followed by 1.5807. On the downside targets are 1.5670 and 1.5650.

Resistance	R1: 1.5765	R2: 1.5807	R3: 1.5854
Support	S1: 1.5670	S2: 1.5650	S3: 1.5625

Gold

So far in the month of February, Gold has reached a low of $1659.94. It’s currently trading at $1673.16. If gold heads lower, price levels to watch are $1657 and $1651.88.

Resistance	R1: 1683.66	R2: 1694.86	R3: 1703.33
Support	S1: 1663.50	S2: 1652.28	S3: 1642.57

Daily Calendar for Thursday, February 7^th 2013

   

Time	Currency	Event	Actual	Forecast	Previous
07:00	GBP	Interest Rate Decision	0.50%	0.50%	0.50%
07:45	EUR	Interest Rate Decision	0.75%	0.75%	0.75%
08:30	USD	Initial Jobless Claims	366k	360k	371k
18:50	JPY	Adjusted Current Account		.24T	.23T

Successful Trading!

Jacob Fendrich
Senior Market Analyst

http://www.CMTrading.com 

      

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